A new report published by financial services and banking giant Wells Fargo suggests cryptocurrencies could be near a “hyper-adoption phase” similar to the one that the internet saw during the mid-to-late 1990s.
According to the report from the bank’s Global Investment Strategy Team, Wells Fargo believes cryptocurrencies are “viable investments today,” even though they “remain in the early stages of their investment evolution.”
Analysts at Wells Fargo recommend investors stick to “professionally managed private placements for now” as the investment landscape for cryptocurrencies is still maturing. They added they do not recommend “any of the other current investment options” including mutual funds, exchange-traded funds (ETFs), grantor trusts, and even individual cryptocurrency speculation.
